Odd Burger Signs Agreement for 36 New Vegan Fast-Food Restaurants in Alberta and British Columbia
TORONTO and SASKATOON, SK, March 16, 2022 /PRNewswire/ - Odd Burger Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9), one of the world's first vegan fast-food chains and the first to go public, today announced it will open 36 new locations in the provinces of Alberta and British Columbia.
Odd Burger and Sai-Ganesh Enterprises (SGE), a family-owned hospitality group specializing in franchising and commercial construction, have signed an area representative agreement that will bring three dozen Odd Burger locations to the western provinces over the next seven years. SGE will oversee franchise sales to individual owners, store construction, and support for franchises in its territory. In addition to supporting franchise growth, SGE plans on launching a corporate restaurant location in Western Canada that will be used for training new franchisees.
"SGE is always looking for truly new and unique opportunities in fast food, and Odd Burger is among the most exciting and modern concepts we have ever encountered," said Utsang Desai, president of SGE. "As lifelong vegetarians we have a passion for healthy eating and environmental stewardship, and Odd Burger also adds innovative technology that enhances efficiency, profitability, and customer experience."
"One challenge in franchising is providing an ideal level of support and service to locations that are distant to our corporate headquarters, but partnering with Utsang and the SGE team of local experts has eliminated that concern entirely," said James McInnes, Odd Burger co-founder and CEO. "Area development agreements are a logical way for us to grow and make an impact in new regions, so we're eager to forge similar relationships with like-minded developers in Canda, the U.S. and internationally."
Odd Burger began its western expansion with recently announced franchise agreements in Calgary, AB and Victoria, BC. These two locations are in the site selection stage and will now be supported by SGE.
Recently Odd Burger announced loans of up to 90 percent of the cost of opening a new location through the Canada Small Business Financing Program (CSBFP), administered by CIBC, to dramatically reduce up-front capital requirements. Loans of up to $350,000 through the government-guaranteed program can be used for new store financing, renovations, and more. Only Canadian franchisees are eligible for CIBC financing.
Strategic franchises are part of Odd Burger's plans to expand throughout North America. Odd Burger already has Ontario locations in Toronto, London, Windsor, Vaughan, Waterloo, and Hamilton; in addition to Calgary and Victoria, an Ottawa franchise is currently in development as well locations in Brampton and Whitby Ontario. Odd Burger also operates a manufacturing division called Preposterous Foods, located in London, ON where it creates its proprietary plant-based proteins and dairy alternatives such as burgers, chickUn fillets, sausage, and dairy-free sauces.
Those interested in Odd Burger franchising opportunities can visit https://oddburger.com/pages/franchise-what-we-offer.
About SGE
Sai-Ganesh Enterprises Ltd. (SGE) is a family-owned and operated hospitality group with expertise in franchising and commercial construction. SGE has built its reputation by seeking out and introducing newer concepts in the fast-food industry. SGE owns master franchisor rights for BarBurrito in Saskatchewan and area developer rights for Meltwich in the provinces of British Columbia, Manitoba, and the Atlantic Provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island). SGE also holds an advisory role in the expansion of Fast Fired Pizza into Western Canada. In addition to revolutionizing the concept of fast food, the company is dedicated to empowering local communities, and local employees, that make up the SGE franchise family. A portion of SGE's revenue is dedicated to charitable causes, and company principals Utsang Desai and his sister Khyati Desai are recipients of multiple awards for their philanthropy.
About Odd Burger Corporation
Odd Burger Corporation is a chain of company-owned and franchised vegan fast-food restaurants as well as a food technology company that manufactures and distributes a line of plant-based protein and dairy alternatives under the brand Preposterous Foods to foodservice channels. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF, and the Frankfurt Stock Exchange under IA9. For more information visit https://www.oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, the Company's strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" and words and expressions of similar import. Forward looking information contained or referred to in this news release includes statements relating but not limited to: the the impact of the development agreement in the areas discussed; the expected future expansion of Odd Burger locations and the benefits the Company expects to derive therefrom; as well as the number of retail outlets to be opened and the Canada Small Business Financing Program discussed herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Odd Burger Corporation
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